Cancer Health Insurance Policy – Definition, Coverages, Exclusions, Claim Process, Plans, Quotes | Buy & Renew Online

What is a Cancer Insurance Policy? – Definition

A Cancer Insurance Policy is a type of Health Insurance Policy which offers coverage for medical expenses for cancer and other related treatments. The Policy also provides a lumpsum payment if the Insured is diagnosed with Cancer. A Cancer Cover can be purchased as a Critical Illness Insurance Policy or as an Add-On Cover to a standard Health Insurance Policy.

What are the Coverages in a Cancer Insurance Policy?

A Cancer Insurance Policy covers medical expenses for hospitalisation (inpatient and daycare) and outpatient treatment taken for cancer as well as Pre- and Post-Hospitalisation Expenses. The Policy covers all costs related to Cancer Treatments such as Chemotherapy, Radiotherapy, Organ transplantation, as part of cancer treatment etc. Some Plans also cover advanced treatments such Proton beam therapy, Immunotherapy, personalised and targeted therapy, Stem cell transplantation etc. A Cancer Insurance Policy is a must if your family has a history of cancer, or your financial position is such that you cannot bear big medical expenses out of your own pocket.

What types of Cancers are covered under a Cancer Insurance Policy?

A Cancer Insurance Policy provides coverage for all types of Cancer such as:

1. Leukemia
2. Lymphoma
3. Sarcoma
4. Lung Cancer
5. Cervical Cancer
6. Breast Cancer
7. Ovarian Cancer

Why should you buy a Cancer Insurance Policy?

By 2050, over 35 million new cancer cases are expected to be reported across the world. The average cost of cancer treatment is around 5 Lakhs but the treatment cost can vary from Rs1 Lakh to Rs25 Lakhs depending on several factors. Even though a standard health insurance covers hospitalisation expenses incurred for cancer treatment, the costs typically exceed the maximum Sum Insured under the Insurance Policy. So, if detected with Cancer, the entire Policy Sum Insured will get exhausted towards the cost of cancer treatment leaving the Policyholder without any Insurance Coverage for other treatments. Additionally, the Sum Insured may also prove inadequate for Cancer Treatments. Thus, there is a need for a separate cover for Cancer Treatments and other Critical Illnesses.

List of Best Cancer Insurance Plans in India

New India Cancer Guard Policy

The Cancer Guard Policy by New India Assurance Company provides coverage for inpatient and outpatient expenses incurred on treatment of cancer.

Key Features of New India Cancer Guard Policy

1. New India Cancer Guard Policy provides reimbursement for treatment costs of cancer, either in Inpatient, Outpatient or Daycare Form. The Cancer Guard Policy provides coverage for conventional and advance cancer treatments such as Chemotherapy, Radiotherapy, Onco-surgery, Proton Treatment, Hormonal Therapy or Endocrine manipulation, Immunotherapy including immunology agents, Stem cell transplantation and Bone marrow transplantation etc.
2. The Policy offers various Sum Insured options of upto Rs50 lakhs. Insured can opt for Single AC Room for Sum Insured of upto Rs15 lakhs and Deluxe AC Rooms for Sum Insured of Rs25 lakhs and Rs50 Lakhs. ICU Room expenses are paid as per actuals
3. Pre and Post-Hospitalisation Expenses Coverage for 30 days and 60 Days
4. Cancer Care Benefit of 50% of Sum Insured if an Insured Person is diagnosed with Cancer for the first time and is in Stage IV.
5. If an Insured Person is diagnosed with a Stage IV Cancer or Advanced Metastatic Cancer for the first time during the Period of Insurance, 50% of the Sum Insured is paid as a lumpsum benefit to the Insured.
6. No Pre-Policy Medical Checkup is required for the Policy
7. Cumulative Bonus of 10% per year for every claim free year, provided that the Policy is renewed without a break every year, subject to a maximum of 50% of Sum Insured
8. Waiting Period of 90 days under the Policy

Star Health Cancer Care Platinum Insurance Policy

Star Cancer Care Platinum Insurance Policy is a specific Health Insurance Plan targeted for persons diagnosed with Cancer. The Policy provides coverage for hospitalisation expenses incurred for Cancer and Non-Cancer Ailments. Persons who have been diagnosed with Cancer, aged between 5 months and 65 years can purchase this Insurance Policy.

Key Features of the Star Health Cancer Care Platinum Insurance Policy

1. Star Health Cancer Care Insurance Policy offers Sum Insured Options of Rs5 Lakhs, Rs7.5 Lakhs and Rs10 Lakhs. The Insured Person is eligible for a Single Standard A/C Room under the Policy.
2. Pre and Post-Hospitalization expenses are covered 30 days and 60 days respectively. The Policy has a limit of 2% of the Sum Insured per Hospitalisation for Post-Hospitalisation Expenses
3. Policy provides coverage for Modern Treatment Methods subject to Sub-Limits
4. Co-Payment of 10% on each and every claim
5. Cumulative Bonus of 5% per year for every Claim-Free Year, provided that the Policy is renewed without a break every year, subject to a maximum of 50% of Sum Insured.
6. Policy also provides a Lumpsum Payment for Cancer if the Insured Person suffers a recurrence, metastasis, and / or a second malignancy unrelated to first cancer. This Cover is available on payment of additional premium and a Waiting Period of 30 months is applicable for this cover.
7. Waiting Period of 30 months for Pre-Existing Diseases
8. Waiting Period of 24 months for Specific Diseases
9. Lifelong Renewal

Bajaj Allianz Criti Care Plan

Bajaj Allianz’s Criti Care Insurance Policy provides coverage against 43 Critical Illnesses that an individual might encounter in his/her life. The Insurance Policy makes a Lump sum payout to the Insured on diagnosis of a covered critical illness irrespective of the actual treatment costs incurred.

Key Features of the Bajaj Allianz CritiCare Insurance Policy

1. Coverage for a wide range of critical illnesses - The policy covers a total of 43 illnesses across 5 different plans – Cancer Care, Cardiovascular Care, Kidney Care, Neuro Care and Transplants Care and Sensory Organs Care
2. The Policy provides coverage for these 5 different variants under 2 Categories:
   • Category A - 25% Sum Assured is payable for Category A conditions
   • Category B - 100% Sum Assured is payable for Category B conditions for each Variant
3. For Cancer Care Cover under the Bajaj Allianz Criti Care Plan, Early-Stage Cancers and Carcinoma-In-Situ are considered as Category A Conditions which is eligible for a payout of 25% of Sum Insured., while Cancer of Specified Severity is considered as a Category B Condition which is eligible for a payout of 100% of Sum Insured.
4. For Cancer Care Cover, the Policy also has an option for Cancer Reconstructive Surgery where the Policy makes an additional payment of upto 10% of Sum Insured towards Cancer Reconstructive Surgery (such as breast, head or neck) for the Insured subject to a maximum limit of Rs2 lakhs.
5. Sum Assured options: Bajaj Allianz Criticare Insurance Policy offers various Sum Insured options ranging from Rs1 lakh to Rs50 lakhs for people upto the age of 60 years while people in the age bracket of 61-65 years can opt for a Maximum Sum Insured of Rs10 lakhs.
6. The Policy has a Waiting Period of 180/120 Days and a Survival Period of 0/7/15 days

HDFC Ergo iCan Cancer Insurance Plan

HDFC Ergo iCan Cancer Insurance Plan covers medical expenses for hospitalisation (inpatient and daycare) and outpatient treatment taken for cancer. The Advanced Version of the iCan Cancer Insurance Plan covers advanced treatment like Proton beam therapy, Immunotherapy, Personalised and targeted therapy, Hormonal therapy or endocrine manipulation, Stem cell transplantation etc.

Key Features of HDFC Ergo iCan Cancer Insurance Plan

1. Various Sum Insured Options available upto Rs50 Lakhs
2. The Policy covers medical expenses for hospitalisation (inpatient and daycare) and outpatient treatment taken for cancer such as Chemotherapy, Radiotherapy, Organ Transplant etc.
3. Pre and Post-Hospitalisation Expenses Coverage for 30 days and 60 Days
4. Initial Waiting Period of 120 Days
5. The Policy also provides a Criticare Benefit which pays 60% of the Policy Sum Insured as a lumpsum benefit over and above the base sum insured, if the Insured is diagnosed with cancer of specified severity as is defined in the Policy. This benefit is payable only once in a policy lifetime
6. The Policy also provides a Family Care Benefit where the Policy pays 100% of the Sum Insured as a lumpsum benefit, if the Insured Person is diagnosed with Advanced Metastatic Cancer (Stage IV Cancer) or Recurrence of Cancer. This benefit is payable only once in a policy lifetime
7. Any other illnesses apart from cancer are not covered
8. Lifelong Renewal

Future Generali Criti Care Health Insurance Policy

Future Generali Criti Care Policy is a Critical Illness Insurance Policy which provides comprehensive coverage against 12 critical illnesses including Cancer. The Policy pays a lumpsum amount on diagnosis of covered critical illness during policy period, irrespective of the actual expenses incurred on treatment.

Key Features of Future Generali Criticare Health Insurance Policy

1. Future Criticare Policy pays a Lumpsum Amount to the Insured if he is diagnosed with any of the listed critical illnesses after 90 days of Policy Commencement and Survival Period of 28 Days
2. Future Generali Criticare Insurance Policy offers various Sum Insured options ranging from Rs1 lakh to Rs50 lakhs for people upto the age of 45 years while people in the age bracket of 46-65 years can opt for a Maximum Sum Insured of Rs20 lakhs.
3. The Policy has a Waiting Period of 90 days and Survival Period of 28 days
4. Policy can be issued on an Individual or a Family Floater Basis
5. Premiums paid are eligible for tax deductions under Section 80D of Income Tax Act
6. Lifelong Renewal
7. Major exclusions are pre-existing diseases, congenital disorders, unrecognized practitioner treatment, diagnoses abroad.

Factors to Consider before purchasing a Cancer Insurance Plan

1. Coverage: Policyholders should purchase a Cancer Insurance Policy which covers all stages of cancer on inpatient, outpatient and daycare basis. The Policy should cover treatments like Chemotherapy, Radiotherapy, Onco-surgery, Proton Treatment, Hormonal Therapy or Endocrine manipulation, Immunotherapy.
2. Network Hospitals and Treatment Centre: A strong network of Cashless Hospitals allows Policyholders to receive treatment at the hospital without paying money out of their own pocket. The Policyholder must check and ensure that reputed cancer hospitals are in the list of network hospitals of the Insurance Company.
3. Policy Exclusions: Read the Policy Wordings thoroughly to ensure that specific cancers are not excluded from coverage.
4. Sub-limits: The Policyholder should pay attention to the sub-limits for various types of cancers and ensure that they are adequate with the treatment costs for that particular type of cancer.
5. Coverage for Advanced Treatments: The Policy should cover advanced treatments like Chemotherapy, Radiotherapy, Onco-surgery, Proton Treatment, Hormonal Therapy or Endocrine manipulation, Immunotherapy including immunology agents, Stem cell transplantation and Bone marrow transplantation etc.
6. Waiting Period and Survival Periods: Cancer Insurance Policies which provide a lumpsum payout have a Waiting Period, where the Policy will make a payment only after a certain number of days have passed after Policy commencement before the Cancer is diagnosed. The Policy also has a Survival Period which mandates that the Policyholder survive a certain number of days after the Cancer is diagnosed. The Policyholder should choose a Policy which has a lesser Waiting Period and Survival Period.
7. Claim Settlement Ratio: Claim Settlement Ratio indicates the percentage of Claims settled by the Insurer against the total Claims received. A higher ratio reflects that the Insurance Company is reliable in paying out claims. The Policyholder should choose a Health Insurance Company with a high Claim Settlement Ratio.
8. Lifetime Renewal: Lifetime Renewal of a Cancer Insurance Policy ensures that the Policyholder can renew his Policy without any upper age limit if premium is paid on time. Lifetime Renewal of the Policy is necessary to ensure that the Insurance Company does not refuse coverage once the Policyholder is diagnosed with Cancer.

How to make Claims under Cancer Insurance Policy?

The Claim Process for a Cancer Insurance Policy is the same as any other Health Insurance Policy. A Policy holder can make a Claim in 2 ways

Intimate Claim You need to intimate the claim to the Insurance Company by either:

1. Go to the Insurance Company’s Website, Click on Claims and register a claim by providing details like Insured Information, date of hospitalisation, Policy Number etc.
2. The Insurance Company will provide a Claim Intimation number upon successful registration of the Claim

Submit Required Documents The Insured should submit the required documents such as Claim Form, Diagnostic Reports, Medical Records to the Insurance Company

Claim Settlement Upon submission of documents, the Insurance Company will examine the documents and may ask for additional documents if the same are not adequate. If the documents are adequate, the Insurance Company will approve the claim and settle the claim amount into the bank account of the Insured.

What are documents required for filing a Cancer Insurance Claim?

The Insured will need the following documents to make a Claim under Cancer Insurance Policy:

1. Duly signed and filled Claim form
2. Treatment Records such as records of chemotherapy, radiation therapy, and other procedures.
3. Proof of Cancer Diagnosis
4. Medical Bills and Invoices
5. Identity Proof and Address Proof of the Insured
6. Legal documents such as your identity proof, address proof, etc.

Get Best Cancer Health Insurance Policy Quotes with Qian!

A Cancer Insurance Policy offers peace of mind by ensuring that you are financially protected against medical expenses arising out of Cancer. The Policy also ensures that your family members are taken care of by providing a lumpsum payout irrespective of the medical expenses incurred. Qian Insurance has tie-ups with leading Health Insurance Companies so that you can choose from a range of Cancer Policies depending on your budget and requirements.

We will also assist you with the entire Claim Process for your Cancer Insurance Policy. Get Best Quotes for Cancer Insurance Policies with Qian. You can get in touch with us at insurance@qian.co.in or call us on 022-35134695. We would be glad to assist you.